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The "hotelification" of multifamily

lakewoodhobo
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The "hotelification" of multifamily

Postby lakewoodhobo » 15 May 2019 11:16

We already saw what happened at the Statler Hilton when residents were kicked out for "repairs" and then saw entire floors converted into short-term rentals by Stay Alfred. If you go to their website you'll see they have similar units at LTV Tower, The Mayflower and the Miro.

Stay Alfred is different from Hello Alfred, which is a service that wants to manage your grocery shopping, cleaning, dog walking, laundry, etc., and they just signed a deal with Greystar (City Lights, Ascent, etc.) to take over building management of 450,000 units across their portfolio. I assume this means maintenance and maybe even security.

I think both Stay Alfred and Hello Alfred are examples of massive changes coming to the multifamily market.

The Hotelification of multifamily: Greystar partners with Hello Alfred
https://therealdeal.com/2019/05/15/the- ... lo-alfred/

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Matt777
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Re: The "hotelification" of multifamily

Postby Matt777 » 15 May 2019 12:13

lakewoodhobo wrote:We already saw what happened at the Statler Hilton when residents were kicked out for "repairs" and then saw entire floors converted into short-term rentals by Stay Alfred. If you go to their website you'll see they have similar units at LTV Tower, The Mayflower and the Miro.

Stay Alfred is different from Hello Alfred, which is a service that wants to manage your grocery shopping, cleaning, dog walking, laundry, etc., and they just signed a deal with Greystar (City Lights, Ascent, etc.) to take over building management of 450,000 units across their portfolio. I assume this means maintenance and maybe even security.

I think both Stay Alfred and Hello Alfred are examples of massive changes coming to the multifamily market.

The Hotelification of multifamily: Greystar partners with Hello Alfred
https://therealdeal.com/2019/05/15/the- ... lo-alfred/


Very interesting trend. The future of housing seems to be rooted in flexibility and convenience over stability. I don't think the 30 year mortgage model is as popular with millennials. We seem to want the flexibility to move city to city, hood to hood, and not have to worry about the minutia that comes with owning and maintaining a property.

I could see a subscription based housing model coming soon. Sign up, pay an all-inclusive monthly cost based on the property (mostly fully furnished with the basics), be able to move property to property at any time with a flat transfer and cleaning fee. Now that's a company I would invest in.

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muncien
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Re: The "hotelification" of multifamily

Postby muncien » 15 May 2019 12:24

Matt777 wrote:
lakewoodhobo wrote:We already saw what happened at the Statler Hilton when residents were kicked out for "repairs" and then saw entire floors converted into short-term rentals by Stay Alfred. If you go to their website you'll see they have similar units at LTV Tower, The Mayflower and the Miro.

Stay Alfred is different from Hello Alfred, which is a service that wants to manage your grocery shopping, cleaning, dog walking, laundry, etc., and they just signed a deal with Greystar (City Lights, Ascent, etc.) to take over building management of 450,000 units across their portfolio. I assume this means maintenance and maybe even security.

I think both Stay Alfred and Hello Alfred are examples of massive changes coming to the multifamily market.

The Hotelification of multifamily: Greystar partners with Hello Alfred
https://therealdeal.com/2019/05/15/the- ... lo-alfred/


Very interesting trend. The future of housing seems to be rooted in flexibility and convenience over stability. I don't think the 30 year mortgage model is as popular with millennials. We seem to want the flexibility to move city to city, hood to hood, and not have to worry about the minutia that comes with owning and maintaining a property.

I could see a subscription based housing model coming soon. Sign up, pay an all-inclusive monthly cost based on the property (mostly fully furnished with the basics), be able to move property to property at any time with a flat transfer and cleaning fee. Now that's a company I would invest in.


OMG... Yes! Totally. I was looking for a similar model many months ago, and was kinda surprised to find nothing of the sorts. I mean, I'm all for having a 'base camp' that you own and is your go-to for some stability, but it its most likely going to be affordable and away from the city. But for those who love to travel (no, I'm far from a millennial), I always thought 'subscription housing' would be a logical step. I'd love to see some progress on this front. It's def not for all, but it is for more than you'd expect.
"He doesn't know how to use the three seashells..."

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Hannibal Lecter
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Re: The "hotelification" of multifamily

Postby Hannibal Lecter » 15 May 2019 14:50

Matt777 wrote:Very interesting trend. The future of housing seems to be rooted in flexibility and convenience over stability. I don't think the 30 year mortgage model is as popular with millennials. We seem to want the flexibility to move city to city, hood to hood, and not have to worry about the minutia that comes with owning and maintaining a property.


And they think they're different in this from every generation that came before -- just like every generation that came before them thought.

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art_suckz
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Re: The "hotelification" of multifamily

Postby art_suckz » 15 May 2019 14:53

I wouldn't mind a place to park an airstream or tiny home.
To the man who only has a hammer, everything he encounters begins to look like a nail.

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Matt777
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Re: The "hotelification" of multifamily

Postby Matt777 » 15 May 2019 15:06

Hannibal Lecter wrote:
Matt777 wrote:Very interesting trend. The future of housing seems to be rooted in flexibility and convenience over stability. I don't think the 30 year mortgage model is as popular with millennials. We seem to want the flexibility to move city to city, hood to hood, and not have to worry about the minutia that comes with owning and maintaining a property.


And they think they're different in this from every generation that came before -- just like every generation that came before them thought.


Aren't millenial job and housing behaviors actually different than past generations, though? I think the younger generation spends far less time on average in their jobs, and move around the country far more often. Contracting/gig work seems to be a bigger and bigger share of the workforce. This requires housing flexibility and outside of airbnb, which is more targeted to vacations, there isn't much to offer. Corporate apartments have always been around but there aren't a ton of options and prices are sky high.

It's not uncommon to see a young person that has for example moved from NYC to LA, then Portland, then Denver, then a couple years in Chicago, now Dallas. Each city could have been 6 months to a year or two, and nobody would think that's odd these days. Tell that to someone in 1970 and they would be called a hippie or "transient." Now it's the norm. A 30 year mortgage and associated costs are out of the question for these young professionals, and even a strict 12 month lease can seem like handcuffs.

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Hannibal Lecter
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Re: The "hotelification" of multifamily

Postby Hannibal Lecter » 16 May 2019 09:53

Actually millennials, along with everyone else, are moving less than previous generations.

https://www.nbcnews.com/business/consum ... em-n720646

https://www.forbes.com/sites/richardgan ... ee991c7093

lakewoodhobo
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Re: The "hotelification" of multifamily

Postby lakewoodhobo » 07 Jun 2019 12:40

Your Dallas apartment high-rise might become a pop-up hotel
https://www.dallasnews.com/business/rea ... -pop-hotel

-Founded in 2017, WhyHotel leases big chunks of apartment buildings to use as short-term stay hotel space.

-"Several major apartment owners and operators are experimenting with the inclusion of some short-term rentals in their properties," said Greg Willett, chief economist at RealPage, a Richardson-based apartment sector service firm.

-"Look for some properties in Dallas to begin offering short-term rentals pretty quickly," Willett said. "The concept is worth exploring in neighborhoods where apartment construction is heaviest, especially in spots like the Victory area where there are multiple lease-up projects located adjacent to each other."

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eburress
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Re: The "hotelification" of multifamily

Postby eburress » 07 Jun 2019 13:13

This has been happening in Victory Place for the last year or two and I'm sure it's also happening informally elsewhere. The noise/parties were a little annoying, but maybe not any more so than other Uptown rental communities. I wonder how this will work in conjunction with all the AirBNB'ers who are basically doing the same thing.

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JohnInises
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Re: The "hotelification" of multifamily

Postby JohnInises » 11 Jun 2019 02:16

Hannibal Lecter wrote:
Matt777 wrote:Very interesting trend. The future of housing seems to be rooted in flexibility and convenience over stability. I don't think the 30 year mortgage model is as popular with millennials. We seem to want the flexibility to move city to city, hood to hood, and not have to worry about the minutia that comes with owning and maintaining a property.


And they think they're different in this from every generation that came before -- just like every generation that came before them thought.

100% agree with you!

cowboyeagle05
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Re: The "hotelification" of multifamily

Postby cowboyeagle05 » 11 Jun 2019 13:37

eburress wrote:This has been happening in Victory Place for the last year or two and I'm sure it's also happening informally elsewhere. The noise/parties were a little annoying, but maybe not any more so than other Uptown rental communities. I wonder how this will work in conjunction with all the AirBNB'ers who are basically doing the same thing.


The difference is these hotel like companies are actually negotiating leases and lease terms with the apartment communities. In many cases, they are requiring background checks, unlike Airbnb. Some cases they are focused on short term leases for business travelers not your weekenders looking to party it up in Deep Ellum.


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